Restaurant Brands New Zealand Limited

29 January 2021 ASX/NZX

Restaurant Brands Announces Total Sales for the 2020 Financial Year

Restaurant Brands’ total sales for the year to December 2020 were $892.4 million, an increase of 2.1% across the businesses it operated for the full year and up 8.4% when including four months trading from its recent California acquisition.

For the fourth quarter of the financial year (three months to 31 December 2020) total sales were $269.1 million, an increase of $54.5 million driven primarily by the inclusion of trading for the California acquisition. Total sales for the fourth quarter after excluding the California acquisition were up 7.4% on the equivalent period last year due to strong same store sales growth, particularly in Hawaii and New Zealand.

COVID-19 had a significant negative effect on total annual sales for the New Zealand market as a result of the full closure of the business for five weeks and reduced dine-in sales. The ongoing global situation continues to affect all overseas markets.

Company owned store numbers were up by 64 on the equivalent period last year to 348, primarily following the acquisition of 69 stores in California in September 2020.

New Zealand

Full year sales for New Zealand were $410.4 million, a decrease of 4.3% in total as a direct result of five weeks of Government-mandated full store closures earlier in the year. During the full store closures estimated lost sales were $40 million most of which were not recovered over the balance of the year.

Fourth quarter total sales for New Zealand were $119.9 million, an increase of 7.3% on the equivalent period last year.

Store numbers decreased by two during the quarter to 137, with the sale of four Pizza Hut stores to independent franchisees, partly offset by the opening of Taco Bell stores in Lunn Ave and Taupiri in December.

Australia

Full year sales for Australia were $A202.4 million ($NZ214.9 million), an increase of 8.1% in total, due to new store openings late last year and up 2.0% on a same store basis (local currency).

Fourth quarter sales for Australia were $A55.1 million ($NZ58.4 million), an increase of 10.8%. This primarily arose from the increase in store numbers over last year with the opening of four Taco Bell stores and four additional KFC stores. On a same store basis sales were up 3.6% (local currency).

Store numbers increased by five during the quarter to 70, with the opening of two Taco Bell stores in Albion Park and Ballina, and three new KFC stores (Ballina, Greenacre and Bennetts Green).

Hawaii

Full year sales in Hawaii were $US139.3 million ($NZ215.1 million), an increase of 7.4% on a total basis and 7.7% on a same store basis (local currency).

Fourth quarter sales were $US35.6 million ($NZ52.3 million). This was an increase of 6.1% on a same store basis (local currency). The small downturn in Taco Bell sales arising from the ongoing unavailability of instore dining (due to local COVID-19 restrictions) was offset by Pizza Hut sales which responded to an increased demand for home delivery.

Store numbers decreased by three during the quarter to 72 stores with the closure of three older format Pizza Hut stores.

California

In early September the company acquired 69 stores (58 KFC and 11 joint KFC/Taco Bell) in California.

For the first full quarter of trading the sales were $US26.7 million ($NZ38.5 million), up on both prior year levels and pre-purchase expectations.

Sales for the four months of trading following acquisition were $US35.6 million ($NZ51.9 million).

Annual Profit Result

The company will release its annual trading result for the year ended 31 December 2020 on 25 February 2021.

Authorised by:

Russel Creedy Grant Ellis CEO CFO +64 9 525 8700 +64 9 525 8700

ENDS

RESTAURANT BRANDS NEW ZEALAND LIMITED Quarterly Sales Report Summary of Results for the 4th Quarter (Q4) (for the 3 months 01/10/20 to 31/12/20)

2020 ($000's) 2019 ($000's) Change Total Store Sales ($NZ)

Q4 2020 vs Q4 2019

New Zealand 119,879 111,764 7.3% Australia 58,397 52,533 11.2% Hawaii 52,265 50,288 3.9% California 38,539 - n/a

Total Store Sales 269,080 214,584 25.4%

YTD 2020 vs YTD 2019

New Zealand 410,399 428,840 (4.3%) Australia 214,923 197,340 8.9% Hawaii 215,113 197,087 9.1% California 51,924 - n/a

Total Store Sales 892,359 823,267 8.4%

2020 2019 Change Same Store Sales Q4 2020 vs Q4 2019

New Zealand 9.4% n/c * n/c * Australia 3.6% n/c * n/c * Hawaii 6.1% n/c * n/c *

YTD 2020 vs YTD 2019

New Zealand 5.3% 5.0% 0.3% Australia 2.0% 5.1% (3.1%) Hawaii 7.7% 9.1% (1.4%)

RESTAURANT BRANDS NEW ZEALAND LIMITED Quarterly Sales Report

Summary of Results for the 4th Quarter (Q4) (for the 3 months 01/10/20 to 31/12/20)

2020 ($000's) 2019 ($000's) Change Total Store Sales (Local Currency)

Q4 2020 vs Q4 2019

Australia ($A) 55,099 49,748 10.8% Hawaii ($US) 35,594 32,381 9.9% California ($US) 26,737 - n/a

YTD 2020 vs YTD 2019

Australia ($A) 202,438 187,189 8.1% Hawaii ($US) 139,321 129,780 7.4% California ($US) 35,569 - n/a

2020 2019 Change Number Of Stores Open At Quarter End

New Zealand 137 144 (7) Australia 70 61 9 Hawaii 72 79 (7) California 69 - 69 Total Stores 348 284 64

Exchange Rates

- Blended $A:$NZ rate for Q4 0.944 0.947 (0.003) - Blended $A:$NZ rate for YTD 0.942 0.949 (0.007)

- Blended $US:$NZ rate for Q4 0.686 0.644 0.042 - Blended $US:$NZ rate for YTD 0.655 0.658 (0.003)

* Quarterly comparatives for 2019 are not comparable due to the change of balance date last year from February 2020 to December 2019, resulting in December 2019 same store sales being only for 4 weeks.

Note: Some sales numbers for each of the divisions may not aggregate in total due to rounding.